Turning now to our renewable fuel business. We continue to see increased interest and demand for our renewable fuel offering.

turning now to our renewable fuel business we continue to see increased interest and demand for a renewable fuel offering


with the fact that our price increases are sticking and enabling us to offset fully the raw materials.


hold a significant amount of our debt and have historically provided capital in support of our efforts.


It's really difficult for -- and our end-use customers in China to understand how much inventory

it's really difficult for our end-use customers in china to understand how much inventory


as well as the co-funding arrangement are mutually exclusive or is there possibility that one could happen without the other?

as well as the co-funding arrangement are mutually exclusive or is there a possibility that one could happen without the other


In addition, our rates for transportation are much more competitive than rail and less expensive or comparable

in addition our rates for transportation are much more competitive than rail and less expensive or comparable


where we looked at their 8,000 diabetes patients and 4,000 of those patients were not on an ACE or an ARB despite being at the age where they should be.

where we looked at their 8 000 diabetes patients and 4 000 of those patients were not on an ac or an arb despite being at the age where they should be


against Par Pharmaceutical Inc. In connection with the settlement, Par was granted the right to sell a limited volume

against par pharmaceutical inc in connection with the settlement par was granted the right to sell a limited volume


Utilities are applying it to grow their businesses and to meet aggressive CO2 emission reduction goals

utilities are applying it to grow their businesses and to meet aggressive co2 emission reduction goals


We have also analyzed the new bundle model and believe the downside risk of these 2 are modest.

we have also analyzed the new bundle model and believe the downside risk of this too are modest


Please note that based on the timing of certain working capital changes and maintenance capital expenditures,

please note that based on the timing of certain working capital changes and maintenance capital expenditures


And when you say significant, what exactly does that mean, just kind of a broad range of expectations?

and when you say significant what exactly does that mean just kind of a broad range of expectations


in the services business in the last 3 years. So it's part of the strategic plan of the company. So

in the services business in the last 3 years so it's part of the strategic plan of the company so


And third has been to maintain a strong balance sheet to fund our high organic growth.

and third has been to maintain a strong balance sheet to fund our high organic growth


all of these major projects of OMS are now being delivered. So how do you

all of these major projects of oms are now being delivered so how do you


I was under the impression that those with better-than-average fuel efficiency actually slightly benefited from higher fuel prices.

i was under the impression that those with better than average fuel efficiency actually slightly benefited from higher fuel prices


during the construction of that project. So as we look at other opportunities in Maine,

during the construction of that project so as we look at other opportunities in maine


in which we see a lot of activity in the economy overall and we intend to continue to be active.


focusing too hard on pushing one way or the other. Whereas a lot of my competitors, they'll pay double in Subscription or

focusing too hard on pushing one way or the other whereas a lot of my competitors they'll pay double in subscription or


And of course, it'd partly driven by what competitors decide to do. And of course it could be that they're more interested

and of course really partly driven by what competitors decide to do and of course it could be that they're more interested


Phoenix is active in industry discussions with regards to the future of our entire industry,

phoenix is active in industry discussions with regards to the future of our entire industry


And I wonder what the breakdown or the content is? What is that, that is contributing to that growth, if you could explain that?

and i wonder what the breakdown or the content is what is it that is contributing to that growth if you could explain that


Thank you, operator, and thank you all for taking time to listen to this call today.

thank you operator and thank you all for taking time to listen to this call today


Because in truth, while we have an ability to take some stepwise and step function reductions in the expenses

because in truth while we have an ability to take some step-wise and step function reductions in the expenses


We see a number of companies that are in a position that's a lot less favorable than the position we're in.

we see a number of companies that are in a position that's a lot less favorable than the position we're in


Slide 9 shows our results compared with the outlook we provided on our second quarter call in July.

slide 9 shows our results compared with the outlook we provided on our second quarter call in july


Growth accelerated in our research models business in China in the first quarter as we anticipated.

growth accelerated in our research models business in china in the first quarter as we anticipated


We'll do a going forward to the extent we have these adjustments, we'll make sure we highlight them

we'll do a -- going forward to the extent we have these adjustments we'll make sure we highlight them


and some of them are punitive and we build that into our rates upfront.


It also provides sophisticated yet simple and distinctive information about quality,

it also provides sophisticated yet simple and distinctive information about quality


and several large new projects either in the planning stage or having recently been announced.


The filing process itself went smoothly with constructive engagement with our regulators and key stakeholders throughout.

the filing process itself went smoothly with constructive engagement with our regulators and key stakeholders throughout


and external options to identify opportunities for additional shareholder value creation.


in some Asian ports, some Baltic Sea ports as well as in the East Coast of Latin America.

in some asian ports some baltic sea ports as well as in the east coast of latin america


traditional rates were probably moving up, particularly with the electronic logs, and it is hard to find drivers these days. So

traditional rates are probably moving up particularly with electronic logs and it's hard to find drivers these days so


which is slightly below our previous expectations as we are experiencing some short-term challenges in acetate flake


A few examples of these areas include inventory management, global procurement and logistics and production engineering.

a few examples of these areas include inventory management global procurement and logistics and production engineering


Speaking on behalf of the board and management, while we are continuing to evaluate all possible alternatives,

speaking on behalf of the board and management while we are continuing to evaluate all possible alternatives


but down sequentially 11% to lower -- due to lower activity with several current accounts.


including those risk factors discussed in the company's most recent form 10-K filed in May.

including those risk factors discussed in the company's most recent form 10-k filed in may


In the meantime, our current contract was extended earlier this week through the end of May.

in the meantime our current contract was extended earlier this week through the end of may


So but it's really a shift into potentially new lines of business that a client has.

so -- but it's really a shift into potentially new lines of business that a client has


So we're looking for ways to shrink it. What we are seeing is that when we are dealing with some of these

so we're looking for ways to shrink it what we are seeing is that when we are dealing with some of these


Our planned investment is part of a global strategy to open up our ecosystem and support a broad range of new partners

our planned investment is part of a global strategy to open up our ecosystem and support a broad range of new partners


due to the improved performance of the business, partially offset by lower legal and litigation fees.

due to the improved performance of the business partially offset by lower legal and litigation fees


but I'm encouraged. I'm extremely encouraged by the progress we're making and what we can expect here going forward.

but i'm encouraged i'm extremely encouraged by the progress we're making and what we can expect here going forward


And then there's some timing of working capital that I put in the equation as well, and then we do pay our

and then there's some timing of working capital that i put in the equation as well and then we do pay our


These were partially offset by improved productivity compared to the same period last year.

these were partially offset by improved productivity compared to the same period last year


along with proximity beacons and human interface devices. This is where the volume is today.

along with proximity beacons and human interface devices this is where the volume is today


So right now, I do not anticipate any further grow -- I mean

so right now i do not anticipate any further grow i mean


Then the second bucket is supply chain, further improving the Asian supply chain.

then the second bucket is supply chain further improving the asian supply chain


This is our best quarter ever. Eurex was the main driver for the result in the first quarter.

this is best quarter ever europe was the main driver for the results in the first quarter


it's going to be interesting to see what happens with the rates, but I guess we will get into an environment

yes it's going to be interesting to see what happens with the rate but i guess we will get into an environment


Despite the inevitable issues that the travel industry always faces, we've continued to make good progress.

despite the inevitable issues that the travel industry always faces we've continued to make good progress


company wasn't doing as well as it could have been and had some negative income quarters and then it got paid off so.

but the company wasn't doing as well as it could have been and had some negative income quarters and it got paid off so


We bought some additional proportional reinsurance to mitigate the impact of that and allow us to continue

we bought some additional proportional reinsurance to mitigate the impact of that and allow us to continue


Claims ratio also improved by a point, reflecting that relatively benign claims environment.

claims ratio also improved by point reflecting that relatively benign claims environment


Well, I could tell you our preferred solution was the solution we had before. For years we had a partner that was simply a takeout partner.

well i can tell you our preferred solution was the solution we had before for years we had a partner that was simply a take-out partner


when people have a chance to look at the data, that represents a real sea change in the way people treat lung cancer.

but when people have a chance to look at the data that represents a real sea change in the way people treat lung cancer


Fluid Handling is performing modestly better than expected. As we have discussed previously,

fluid handling is performing modestly better than expected as we have discussed previously


which are and will be critical to be able to significantly engage with the consumer.


as our revenues also build from our asset sensitivity, normal seasonality and our good organic growth,

as our revenues also build from our asset sensitivity normal seasonality and our good organic growth


We are spending more to accelerate the growth of our project pipeline and our operating asset portfolio.

we are spending more to accelerate the growth of our project pipeline and our operating asset portfolio


So with clarity looming now on DOL regulations and also continued consolidation expected given the scale comments,

so with clarity looming now on dol regulations and also continued consolidation expected given the scale comments


one of the challenges with newer products is the period for getting it up and running

one of the challenges with newer product is it's -- the period for getting it up and running


And we haven't talked very much about Tangerine's credit card, but its balances are up 31% for the whole year. So

and we haven't talked very much about tangerine's credit card but its balances are up 31% for the whole year so


We generally don't take on transactional risk, so this slide focuses strictly on the translation impact for reporting purposes.

we generally don't take on transactional risks so this slide focuses strictly on the translation impact for reporting purposes


individuals will have liquidity events down the road as opposed to near term. So if they come to us with

individuals will have liquidity events down the road as opposed to near term so if they come to us with


We continue to have a disciplined approach to our pricing strategy, and we believe that we have adequately priced

we continue to have a disciplined approach to our pricing strategy and we believe that we have adequately priced


Notwithstanding these challenges, we have achieved some important objectives that position the company for recovery and growth.

notwithstanding these challenges we have achieved some important objectives that position the company for recovery and growth


We have reduced our general and administrative expenses by reducing the size of our staff in all locations

we have reduced our general and administrative expenses by reducing the size of our staff in all locations


Despite lower premiums, we expect our expense ratio for these risk-based products

despite lower premiums we expect our expense ratio for these risk-based products


and allowing customers more choice and control over what speeds and data plans they want.


the chart at the back of our press release some of those activities that still have to occur.

in the chart at the back of our press release some of those activities that still have to occur


The main instrument I guess that we'll be using is the restructuring,

the main instrument i guess that we'll be using is the restructuring


as well as bringing back former customers that are starting the program. If you look next at what's kind of driving

as well as bringing back former customers that are starting the program if you look next at what's kind of driving


are in the approval process for development in the city of Toronto, which are now under review.

are in the approval process for development in the city of toronto which are now under review


In coming weeks, we will determine targeted tenors, currencies and amounts to optimize this acquisition requirement.

in coming weeks we will determine targeted tenors currencies and amounts to optimize this acquisition requirement


Good, good because it sounds like with all the potential business you guys are talking about,

good good because it sounds like with all the potential business you guys are talking about


We have provided slides for this presentation and our earnings release issued this morning on the Investors section of our website.

we have provided slides for this presentation and our earnings release issued this morning on the investors section of our website


That will require us to make an estimate of what we think the pension deficit requirements will be,

that will require us to make an estimate of what we think the pension deficit requirements will be


So we are looking all across Canada at places where we can increase the footprint in urban markets.

so we are looking all across canada at places where we can increase the footprint in urban markets


we restructured our manufacturing network, including the divestiture of our Charlotte manufacturing facility.

we restructured our manufacturing network including the divestiture of our charlotte manufacturing facility


and we have to react very fast to these things. We cannot let that go. I mean the reaction time has to be very quick

and we have to react very fast to these things we cannot let that go i mean the reaction time has to be very quick


to lift and all the rest of it. So we are quite happy with skin care, umbrella brand and also

to lift and all the rest of it so we are quite happy with the skin care umbrella brand and also


We also launched 2 new shows in the period, an East Coast Active Collective event

we also launched 2 new shows in the period an east coast active collective event


as well as our strength in patient advocacy, our corporate citizenship and our other support services.

as well as our strength in patient efficacy our corporate citizenship and our other support services


Oil and gas have started to pick up for us. So we do have reason for optimism that this expansion

oil and gas has started to pick up for us so we do have reason for optimism that this expansion


Our Corporate Finance business is heavily impacting the quarter by paralyzed markets in our strongest markets in Europe.

our corporate finance business was heavily impacted in the quarter by paralyzed markets in our strongest markets in europe


We believe our third quarter results demonstrate our positive momentum toward this goal.

we believe our third quarter results demonstrate our positive momentum toward this goal


I guess, in terms of thinking about modeling, it would be helpful to know how you're thinking about that

i guess in terms of thinking about modeling it would be helpful to know how you're thinking about that


As this guidance indicates, we remain committed to balancing growth with increasing profitability

as this guidance indicates we remain committed to balancing growth with increasing profitability


in the regulation for the dispatch of energy for constraints,


Let me now discuss the performance of each of our business segments this quarter. Within the Commerce Services group,

let me now discuss the performance of each of our business segments this quarter within the commerce services group


We plan to use the proceeds from the sale to invest back into the business and for general corporate purposes.

we plan to use the proceeds from the sale to invest back into the business and for general corporate purposes


Thank you, sir. This does conclude today's presentation. You may disconnect your lines at this time and have a nice day.

thank you sir this thus concludes today's presentation you may disconnect your lines at this time and have a nice day


that make for the profits. So we're just very optimistic about

that make for the profits so we're just very optimistic about


As always, we provided a full reconciliation of these puts and takes in the appendix to the presentation.

as always we provided a full reconciliation of these puts and takes in the appendix to the presentation


But we decided not to go ahead with it at this quarter. It's constantly reviewed.

but we decided not to go ahead with it at this quarter it's constantly reviewed


period of time where the machine is running continuously, we don't want to change products. I mean, that's the smartest thing to do.

a period of time where the machine is running continuously we don't want to change products i mean that's the smartest thing to do


The synergies come largely from the textbook inventory optimization and procurement savings.

the synergies come largely from the textbook inventory optimization and procurement savings


At the same time, in certain critical areas, we have added talent from outside the organization that I think will help

at the same time in certain critical areas we have added talent from outside the organization that i think will help


partially offset by higher wholesale volumes related to rebalancing of the power supply portfolio.


We still intend to return substantial capital to our shareholders this year, subject to approval through the CCAR process,

we still intend to return substantial capital to our shareholders this year subject to approval through the ccar process


Since we had the opportunity to discuss this transaction on our first quarter call, I won't go into great detail on this

since we had the opportunity to discuss this transaction on our first quarter call i won't go into great detail on this


validates our assertion that we're well ahead of the industry in terms of transitioning to LED lighting.

validates our assertion that we are well ahead of the industry in terms of transitioning to led lighting


First, as you can see, we are a bit short on revenue in the first quarter, but we grew our backlog significantly.

first as you can see we are a bit short on revenue in the first quarter but we grew our backlog significantly


In a moment, I'll discuss this in more detail but want to call it out as a prime reason why Orion had a slow start to the year.

in a moment i'll discuss this in more detail but want to call it out as a prime reason why orion had a slow start to the year


engineering and operations groups, while allowing us to better serve our clients in a way that addresses their unique needs,

engineering and operations groups while allowing us to better serve our clients in a way that addresses their unique needs


Did it or didn't it have an impact on the quarter? And would you expect it to have any impact going forward?

did it or didn't it have an impact in the quarter and would you expect it to have any impact going forward


provide further diversification and access to the growing Retail market.

provide further diversification and access to the growing retail market


We collected more cash than ever before in Europe Core and made a number of operational improvements.

we collected more cash than ever before in year-of-core and made a number of operational improvements


and other financial and operating results, business strategy and plans as well as other opportunities

and other financial and operating results business strategy and plans as well as other opportunities


Every story I heard from our facility administrators and staff fills me with great pride

every story i heard from our facility administrators and staff fills me with great pride


We are ready for the challenge and excited to start a new chapter for Westport Fuel Systems.

we are ready for the challenge and excited to start a new chapter for westport fuel systems


core luxury and prestige. This will enable us to tailor investment by brand and segment.

core luxury and prestige this will enable us to tailor investment by brand and segment


we've also done some price adjustments for what we saw coming. So the combination of those things I think

we've also done some price adjustments for what we saw coming so the combination of those things i think


We are attempting to navigate this minefield with our usual caution and conservatism,

we are attempting to navigate this minefield with our usual caution and conservatism


I remain confident that we are on track to continue to deliver long-term value for our shareholders.

i remain confident that we are on track to continue to deliver long-term value for our shareholders


In addition, we continue to move our product mix into alignment with the industry average.

in addition we continue to move our product mix into alignment with the industry average


the impact of an anticipated income tax settlement, as well as any potential impairment costs.

the impact of an anticipated income tax settlement as well as any potential impairment costs


But at the same time, with lighter deal flow, we still were seeing at least some interesting opportunities to consider.

but at the same time with lighter deal flow we still were seeing at least some interesting opportunities to consider


As a percentage of revenues, consolidated salary, wages and benefit costs increased by 50 basis points

as a percentage of revenues consolidated salary wages and benefit costs increased by 50 basis points


There are several drivers that impacted our results in the quarter, and I will cover them in more detail starting with volume.

there are several drivers that impacted our results in the quarter and i will cover them in more detail starting with volume


Our forward-looking statements speak only as of the date they are made, and we have no obligation to update such statements in the future.

our forward-looking statements speak only as of the date they are made and we have no obligation to update such statements in the future


compared to 57 basis points for the second quarter and 55 basis points for the third quarter a year ago.


worried again by a potential for one drug going off patent?


that category group is now working through the rate and the pace at which they can accomplish

that category group is now working through their rate and the pace at which they can accomplish


or the best way to serve your customers. And so we made the decision to go for the win

or the best way to serve your customers and so we made the decision to go for the win


And so it's not going to be -- that was not normal operation, so that rate wouldn't be sustainable.

and so it's not going to be -- that was not normal operation so that rate wouldn't be sustainable


Used equipment is starting to move, if it's good. The equipment that

used equipment is starting to move if it's good the equipment that


And on the last call, you may recall that we said that we positioned ourselves with our strategy

and on the last call you may have recalled that we said that we've positioned ourselves with our strategy


In short, like many smart companies, we're selectively investing through the downturn in emerging markets

in short like many smart companies we're selectively investing through the downturn in emerging markets


and the proposed current transaction should further enhance our position in the global coffee category.

and the proposed currig transaction should further enhance our position in the global coffee category


happens. Nevertheless, I would say that will probably slightly impact our Q2 for Care Chemicals. But no reason to

happens nevertheless i would say that will probably slightly impact our q2 for care chemicals but no reason to


this year and next year, is there anything that we should be made aware of?

this year and next year is there anything that we should be made aware of


and we'll drive engagement with Triangle loyalty and the credit card. These are just a few of the initiatives we got in the pipeline.

and will drive engagement with triangle loyalty and the credit card these are just a few of the initiatives we got in the pipeline


out by putting our capital position or our debt position more in line with where we want it to be on a permanent basis.


I look forward to reporting to investors and analysts on the growth of our new products and other initiatives in our upcoming calls.

i look forward to reporting to investors and analysts on the growth of our new products and other initiatives in our upcoming calls


such as industrial, IoT, smart mobile devices and the connected car.

such as industrial iot smart mobile devices and the connected car


for home standby generators, along with some expected continuing benefit from an overall favorable environment for residential investments.

for home standby generators along with some expected continuing benefit from an overall favorable environment for residential investment


But again, it's a big part of our OpEx program being black at the bottom and are focused on having the right cost structure.

but again it's a big part of our opex program being black at the bottom and our focus on having the right cost structure


Both transaction take rate and total take rate benefited from revenue related to our hedge gains.

both transaction take rate and total take rate benefited from revenue related to our hedge gains


Some of the places that we are in, the markets that we are in are probably the wrong spot.

some of the places that we are in the markets that we are in are probably the wrong spot


So we might start with the room and then go to the phones. So in the room,

so we might start with the room and then go to the phones so in the room


both of which reflect continued organic growth in our core Las Vegas business as well as our Native American management business.

both of which reflect continued organic growth in our core las vegas business as well as our native american management business


This was due to the fact that a major new phone did not start selling until November, which is the first month of our fourth quarter.

this was due to the fact that a major new phone did not start selling until november which is the first month of our fourth quarter


We would emphasize that these patients are checkpoint failures, so we're working in a population who have a very real unmet need

we would emphasize that these patients are checkpoint failures so we're working in a population who have a very real unmet need


that are kind of making this growth ramp more gradual than you initially thought?


far more competitive to our foreign competitors, which make up a significant part of our peer competitive

far more competitive to our foreign competitors which make up a significant part of our peer competitive


will be modest. Let's take a look at our financial position.

will be modest let's take a look at our financial position


This change was the result of higher net income on cash flow from operations, offset by fluctuations in working capital.

this change was the result of higher net income on cash flow from operations offset by fluctuations in working capital


with a midpoint which is a substantial increase of 9% over the previous year.


quick point on your second question. I'll turn it over to Andre for the first and Linda for the second question. But

quick point on your second question i'll turn it over to andre for the first and linda for the second question but


In all, we believe that improving the style and quality of our product has positively impacted our performance,

in all we believe that improving the style and quality of our product has positively impacted our performance


We also made a key strategic decision impacting the course for Vancive, our medical technology business,

we also made a key strategic decision impacting the course for advansys our medical technology business


but we have stabilized that operation to the point where our raising cost there, meaning the cost to raise

but we have stabilized that operation to the point where our raising cost there meaning the cost to raise


And one of the exciting things is that we're -- an additional exciting thing is that

and one of the exciting things is that we're -- an additional exciting thing is that


to be something that they want, and we see a very strong opportunity to work with partners in retail

to be something that they want and we see a very strong opportunity to work with partners in retail


In that context, we're very pleased in our performance thus far during the selling and renewal season. While it is still early,

in that context we're very pleased in our performance thus far during the selling and renewal season while it is still early


whether there are particular opportunities that -- I mean, I think it was roughly a year ago you started to talk about train length opportunity in Canadian grain.

whether there are particular opportunities i mean i think it was roughly a year ago you started to talk about the train length opportunity in canadian grain


as well as more exploration activity, providing solid growth opportunities for our business in the coming year.

as well as more exploration activity providing solid growth opportunities for our business in the coming year


All projections are subject to risks and uncertainties and actual results may differ materially.

all projections are subject to risks and uncertainties and actual results may differ materially


On top of what's working now, we'll be introducing MogoWealth with multiple investment products a new cash-back feature of our card program,

on top of what's working now we'll be introducing mogo wealth with multiple investment products and a new cash back feature of our card program


It's not going to happen during the depths of the downturn, but I think it is there in the future.

it's not going to happen during the depths of the downturn but i think it is there in the future


Now all these are clear examples that the new Connected 4 Growth organization with the Country Category Business Teams

now all these are clear examples that the new connected for growth organization with the country category business teams


Firstly, a more nimble organization, including the introduction of the new Country Category Business Teams.

firstly a more nimble organization including the introduction of the new country category business teams


Last year in the fourth quarter, losses included some special factors.

last year in the fourth quarter losses included some special factors


Slide 14 emphasizes once again how the strength of our brands is allowing us to capture growth the right way.

slide 14 emphasizes once again how the strength of our brands is allowing us to capture growth the right way


the growth that might be expected for the business in FY '18 because we don't have a number of

the growth that might be expected for the business in fy '18 because we don't have a number of


some key activities in the coming years that are important considerations as we work to maintain the momentum


powerful. So we're growing top line, but we're also able to improve margin at lesser levels of growth. If you see where I'm coming from.

quite powerful so we're growing top line but we're also able to improve margin at lesser levels of growth if you see where i'm coming from


we should expect to see increased spending behind them as we move forward over the next few quarters?


so far this year have been flat, but there have been others that have come within the range of our targeted range.

so far this year have been flat but there have been others that have come within the range of our targeted range


Connecticut in 2015. And you actually pick those up the following year when you file the returns for those years.

connecticut in 2015 and you actually pick those up the following year when you file the returns for those years


If you guys are able to maintain or if rates do maintain the current levels, how do you guys think about using that incremental free cash flow

if you guys are able to maintain -- or if rates do maintain the current levels how do you guys think about using that incremental free cash flow


and we see this as a benefit as a potential cancer treatment in different solid tumor indications.


We don't have a recycling division. So as we've talked about this in the past with you, we use

we don't have a recycling division so as we've talked about this in the past with you we use


as I talked about in July, I took over as CEO in April. Until in July, we had done a lot of work to

as i talked about in july i took over ceo in april and so in july we had done a lot of work to


which should result in a significant decrease in the stripping ratio and an increase in free cash flow.


Having said that, we continue to be very encouraged by the client activity that we see.

having said that we continue to be very encouraged by the client activity that we see


Four of the 5 subsegments posted organic growth, and all 5 saw increased volume over the prior year quarter.

four of the five subsegments posted organic growth and all five saw increased volume over the prior year quarter


Today's conference is being recorded. At this time, I would like to turn the conference over to Glenn Wiener. Please go ahead, sir.

today's conference is being recorded at this time i would like to turn the conference over to glenn wiener please go ahead sir


Core property operating expenses were less than expected in the quarter. Savings in utility expenses,

core property operating expenses were less than expected in the quarter savings and utility expenses


There are many other examples of how we are employing these competencies enterprise-wide for the people we are privileged to serve,

there are many other examples of how we are employing these competencies enterprise-wide for the people we are privileged to serve


in spite of what you said about the retail shopping centers, I'm getting mixed signals about the health of shopping centers.

in spite of what you said about the retail shopping centers i'm getting mixed signals about the health of shopping centers


in the expectation of a normal quarter. So we don't get a lot of warning that it's going to be a rainy month.

in the expectation of a normal quarter so we don't get a lot of warning that it's going to be a rainy month


Yes, I think -- well, let me start with New York as well, I think there's a number of tests that we have on

i think in -- well let me start with new york as well i mean i think there's a number of tests that we have on


to serve attractive end markets as a global provider of highly engineered advanced materials.


what you're seeing on the inflation side for raw materials and other inputs.


I think the landscape of our focus is


The information discussed on today's call may include forward-looking statements regarding the company's results and prospects,

the information discussed on today's call may include forward-looking statements regarding the company's results and prospects


I'm very pleased to report that we continued our strong performance in 2018 with another record quarter for the company.

i'm very pleased to report that we continued our strong performance in 2018 with another record quarter for the company


We continue our discussions with potential buyers and still expect this process will take the greater part of this year to resolve itself.

we continue our discussions with potential buyers and still expect this process will take the greater part of this year to resolve itself


Removing friction from the way people use Snapchat and view snaps will help us continue to grow our community over the coming year.

removing friction from the way people use snapchat and view snaps will help us continue to grow our community over the coming year


recognize the variety of presentations in different body regions, the variety of patient types at risk

recognize the variety of presentations in differing body regions the variety of patient types at risk


come a long, long ways and that, that actually works very well in many of these homes.

come a long long ways and that actually works very well in many of these homes


it shows that we've become a lot more productive, Siew Khee. So I think those are the kinds of things which are important to me

it shows that we become a lot more productive yuki so i think those are the kinds of things which are important to me


decided to get out of the business, you'd have more of their trucks in the market, but that is -- we certainly haven't seen it yet.

decided to get out of the business you'd have more of their trucks in the market but that's -- we certainly haven't seen it yet


growing the rental fleet into '18? Or would you just hold it at these levels and try and benefit from the utilization and the pricing in the market?

growing the rental fleet into '18 or would you just hold it at these levels and try and benefit from the utilization and the pricing in the market


We've obviously been very sensitive to the need to minimize job losses throughout that process.

we've obviously been very sensitive to the need to minimize job losses throughout that process


And obviously, by holding these loans, we build a bigger asset base and generate significant future earnings.

and obviously by holding these loans we build a bigger asset base and generate significant future earnings


Headed into the height of the current construction season, we continue to make progress in our financial performance.

headed into the height of the current construction season we continue to make progress in our financial performance


demonstrating continued progress in extending our value proposition to clients through advanced analytics,


Core to the growth we are seeing is the strong sales momentum, which it has been building steadily,

core to the growth we are seeing is the strong sales momentum which has been building steadily


These services are being provided across the country in more than a dozen Metropolitan areas to several customers.

these services are being provided across the country in more than a dozen metropolitan areas to several customers


some of that business as spot business, what we call transactional business, that would be a customer calling in

some of that business is spot business what we call transactional business that would be you know a customer calling in


To allow us to continue to opportunistically repurchase shares, when they are undervalued and we have available cash,

to allow us to continue to opportunistically repurchase shares when they are undervalued and we have available cash


We ask that you review today's press release and read through the forward-looking cautionary informational statements that we've included there.

we ask that you review today's press release and read through the forward-looking cautionary informational statements that we've included there


So in the nonlife side, we can say that all of the segments and all of the products

so in the non-life side we can say that all of the segments and all of the products


which are subject to uncertainties, risks and changes in circumstances that are difficult to predict.

which are subject to uncertainties risks and changes in circumstances that are difficult to predict


And fourth, we are focused on expanding our initial successes in the enterprise marketplace.

and fourth we are focused on expanding our initial successes in the enterprise marketplace


the mean duration of therapy for those who were responders was approximately 19 months.


that it is excluded from the consolidated income statement this year as well as last year.


But I wonder if you could give us some color as to what you've done to improve the margins so much and whether you see any further upside.

so i wonder if you could give us some color as to what you've done to improve the margin so much and whether you see any further upside


As a reminder, this is calculated on average capital employed each and every month.

as a reminder this is calculated on average capital employed each and every month


As Dan mentioned, we expect to close in the spring and would then be in a position to update our guidance.

as dan mentioned we expect to close in the spring and would then be in a position to update our guidance


and he brings to the position as President a strong reputation for growing and executing on our business plan.

and he brings to the position as president a strong reputation for growing and executing on our business plan


Our board has approved the construction of a new mining workshop and office complex.

our board has approved the construction of a new mining workshop and office complex


That doesn't change any of the day to day operations at Beazley. And then, finally, I'm sure you'll be pleased to hear we will be

that doesn't change any of the day-to-day operations of beasley and then finally i'm sure you'll be pleased to hear we will be


Regionally, the Atlantic Basin and West Coast had lower earnings than last quarter, primarily due to lower market cracks.

regionally the atlantic basin and west coast had lower earnings than last quarter primarily due to lower market cracks


our strategic focus on targeting communications and IT services in one contract.

our strategic focus on targeting communications and it services in one contract


I was just wondering if after the HTS acquisition goes through,

i was just wondering if after the hts acquisition goes through


An individual, as you know, was hired in the late May, June period, and the first task was for South Africa.

an individual as you know was hired in the late may june period and the first task was for south africa


from the introduction of guaranteed future value products, which will only be available through dealerships.

from the introduction of guaranteed future value products which will only be available through dealerships


accurate cost information, in particular related to our Colorado production facility.

accurate cost information in particular related to our colorado production facility


in order to grow the business and to capitalize on all of these organic growth opportunities that we see. And so

in order to grow the business and to capitalize on all of these organic growth opportunities that we see and so


An important action that we have taken during the quarter is that we have started to work with

an important action that we have taken during the quarter is that we have started to work with


This could include the sale of a portion of the business. This could include a major acquisition. It could include a lot of things.

this could include the sale of a portion of the business this could include a major acquisition it could include a lot of things


we are bringing sophistication to our reimbursement strategies, which will yield results in the coming quarters.

we are bringing sophistication to our reimbursement strategies which will yield results in the coming quarters


The speed of change with which our business is evolving and the complexity with which we operate continues to rise.

the speed of change with which our business is evolving and the complexity with which we operate continues to rise


Our strong cash flow generation has enabled us to grow both organically and through acquisitions,

our strong cash flow generation has enabled us to grow both organically and through acquisitions


We expect this initial Phase 2 project to begin to come online by the end of this year

we expect this initial phase ii project to begin to come online by the end of this year


that we are pursuing and expect to be able to discuss further on our next call.


but the mechanisms do offer some value. And there's some values where we've been able to integrate our components and

but the mechanisms do offer some value and there's some values where we've been able to integrate our components in


but again, I think we continue to make progress. Having said that, the technology that we're deploying across

but again i think we continue to make progress having said that the technology that we're deploying across


Our direct paid business had another solid year by focusing on the recurring business opportunities,

our direct pay business had another solid year by focusing on the recurring business opportunities


partially offset by a 7 basis points decrease in the average base management fee percentage.


The strength in ARR was a result of accelerating growth in all geographic regions and across all product families.

the strength in arr was a result of accelerating growth in all geographic regions and across all product families


that are going to be very, very strong. We see a lot of growth out of Phoenix. It's really just timing differences.

that are going to be very very strong we see a lot of growth out of phoenix it's really just timing differences


with lower pyramid skills, so that allows you a much

with lower pyramid skills so that allows you a much


in the coming months, we will continue to work with the primary investigators and the FDA to clarify a potential path forward.

and in the coming months we will continue to work with the primary investigators and the fda to clarify a potential path forward


Patients, their families and our patient group partners should know that we remain deeply committed to this work.

patients their families and our patient group partners should know that we remain deeply committed to this work


Overall, the fundamentals and key drivers of MSA's business are starting to point in the right direction.

overall the fundamentals and key drivers of msa's business are starting to point in the right direction


I wanted to specifically check if there were any specific one-offs in the third quarter

i wanted to specifically check if there were any specific one-offs in the third quarter


we are confident in continuing margin expansion in our Services segment for the remainder of 2018 over the prior year

we are confident in continuing margin expansion in our services segment for the remainder of 2018 over the prior year


they could help us also gather further data that could have further label-enhancing opportunities for us.

they could help us also gather further data that could have further label enhancing opportunities for us


and we have seen a significant increase in the number of short stays over the summer.


This year, the growth in revenue per customer and reactivations enabled our ability to profitably increase reach

this year the growth in revenue per customer and reactivations enabled our ability to profitably increase reach


people who are dieting on their own and using books and things like that. So we think the audience is very big.

people who were dieting on their own and using books and things like that so we think the audience is very big


work very closely with those Avaya VARs that are leaning in and are having the most success

work very closely with those of ifrs that are leaning in and are having the most success


So we've converted a little into money, but I'm -- there are just other things we should be doing first.

so we've converged a little in the money but i'm -- there are just other things we should be doing first


Excluding these impacts in both quarters, operating expenses would have been up approximately 7%. The

excluding these impacts in both quarters operating expenses would have been up approximately 7% the


And we're just hearing about this now in the fourth quarter, which -- I mean, the rest of the companies in the universe have seen

and we're just hearing about this now in the fourth quarter which -- i mean the rest of the companies in the universe have seen


and we expect that to have all of our late process development for gene therapy manufacturing


We're pleased to report that we achieved solid progress in the third quarter across a number of key initiatives and metrics.

we're pleased to report that we achieved solid progress in the third quarter across a number of key initiatives and metrics


However, the time lines are not in the bank's hands but are largely determined by the regulators and authorities.

however the timelines are not in the bank's hands but are largely determined by the regulators and authorities


I think it is fair enough that the customer must understand that we cannot take loss-making project just to keep him

i think it is fair enough there the customer must understand that we cannot take loss-making projects just to keep them


Organizational changes to our sales force in New York that were implemented earlier this year are beginning to bear fruit.

organizational changes to our sales force in new york that were implemented earlier this year are beginning to bear fruit


In addition, most of the Charter investment security book was sold at close and remained uninvested at

in addition most of the charter investment security book was sold at close and remained uninvested at


In that, we've made some big investments to reduce the exposure on the safety front. And that's really, frankly, our biggest

in that we've made some big investments to reduce the exposure on the safety front and that's really frankly our biggest


What a privilege it is to be part of a team with so many professionals getting better at what they do every day. We are so

what a privilege it is to be part of a team with so many professionals getting better at what they do every day we are so


As they think about how they're going to do their quality and their inspection and those types of things.

as they think about how they're going to do their quality and their inspection and those types of things


in these patient populations. As the only company developing a therapeutic intended to treat all forms of PH,

in these patient populations as the only company developing a therapeutic intended to treat all forms of ph


If you take a look at the underproduction in NAFTA that we were front-loading the underproduction this year

if you take a look at the underproduction in nafta that we were front-loading the underproduction this year


and your comments are correct that we certainly see a strong -- the trend continuing strongly in this next quarter.


markets as we run from a commercial perspective, which is the Lancaster market, what we call the Delaware Valley division as well as the Lehigh Valley.

markets as we run from a commercial perspective which is the lancaster market what we call the delaware valley division as well as the iowa valley


I will now transition to provide updates on our development programs and therapeutic pipeline.

i will now transition to provide updates on our development programs and therapeutic pipeline


As I mentioned, the net impact of U.S. tax legislation on our renewable energy investments was offset in the tax line.

as i mentioned the net impact of u s tax legislation on our renewable energy investments was offset in the tax line


As a result, we continue to successfully grow our annuity business despite the challenging interest rate environment.

as a result we continue to successfully grow our annuity business despite the challenging interest rate environment


We'll keep you updated as appropriate as we address our capital structure. Before I pass the call to Dustin,

we will keep you updated as appropriate as we address our capital structure before i pass the call to dustin


The increase resulted primarily from the higher product development testing and professional -- testing cost and professional fees.

the increase resulted primarily from the higher product development testing and professional -- testing costs and professional fees


the practices that are strong usually stay strong for quite a period of time and that, I think, fits very well.

that the practices that are strong usually stay strong for quite a period of time and that i think fits very well


we shouldn't forget our leading advisor platforms and our promising strategic partnership with Phoenix

we shouldn't forget our leading adviser platforms and our promising strategic partnership with phoenix


to see what the best option is from a financing standpoint. But again, we'll keep options open for us

to see what the best option is from a financing standpoint but again we'll keep options open for us


One key explanation is the ability we have shown over time to reprice assets.

one key explanation is the ability we have shown over time to reprice assets


rolling the whole budget together for '16 yet. But as we think about the various moving parts, it sounds like we should see some

rolling the whole budget together for '16 yet but as we think about the various moving parts it sounds like we should see some


And also reflected limited industry capacity related to the strong demand for new mortgage loans.

and also reflected limited industry capacity related to the strong demand for new mortgage loans


The bottom table provides information related to the current balance of our CRT investments.

the bottom table provides information related to the current balance of our crt investments


we've done a tremendous amount of work on the engineering front and with the services team to automate and to build tools

we've done a tremendous amount of work on the engineering front with the services team to automate and to build tools


the revenue and operating income will not be at the level initially anticipated.


the works we believe they need to be done because they are really in our hands to decide.


And then the volume of chicken has gone up because of -- with launch of

and then the volume of chicken has gone up because of -- we've launched a


Got it. And in terms of where CoreCivic shares are trading now compared to levels

got it and in terms of where core civic shares are trading now compared to levels


We certainly expect it to be there. You see it in previous heartburn studies. But this is a very specific population

we certainly expect it to be there you see it in previous heartburn studies but this is a very specific population


reporting every month. So I don't have the information right in my hands for the channel growth

reporting every month so i don't have the information right in my hands for the channel growth


We have multiple state patrol field trials going on currently, and we expect accelerating momentum in this important market segment

we have multiple state patrol field trials going on currently and we expect accelerating momentum in this important market segment


Instead of having individually managing manufacturing, research or development,

instead of having individually managing manufacturing research or development


that are flowing through their volume projections as we kind of have the season right up on us.


As we mentioned earlier, we will progress this initiative in stages and report on results accordingly.

as we mentioned earlier we will progress this initiative in stages and report on results accordingly


That's a pretty remarkable statement, and that's a brand promise that we want to make in all of our clients.

that's a pretty remarkable statement and that's a brand promise that we want to make in all of our clients


and it is in Services. So it's in those 3 areas where we have the main investments in the Air Treatment business.

and it is in services so it's in those 3 areas where we have the main investments in the atrium business


the stock compensation accounting pronouncement that we talked about, does create fluctuation.

the stock compensation accounting pronouncement that we talked about does create fluctuation


But depending on the outcome of consideration in Washington of everything that's going on,

but depending on the outcome of consideration in washington of everything that's going on


In terms of other markets and other things, we've recently put a new account manager

in terms of other markets and other things we've recently put a new account manager


And plus to that, the new dividend policy, as we said, which is a continuation of the previous one as we believe,

and plus to that the new dividend policy as we said which is continuation of the previous one as we believe


We saw continued strong performance across our portfolio during the first quarter. During the first quarter,

we saw continued strong performance across our portfolio during the first quarter


we actually feel pretty good that we're going to be able to reduce our supply chain costs


it strengthens the underlying health of our business as a contributor to our margin improvement.

it strengthens the underlying health of our business and is a contributor to our margin improvement


noted that given the increase local authority austerity that despite

noted that given the increased local authority austerity that despite


Is business development part of the strategy potentially to bring in new technologies, but

is business development part of the strategy potentially to bring in new technologies but


to support exceptional client experiences and acquisitions to expand our future growth opportunities.


Strong earnings growth primarily reflects 8% growth of total revenue and a lower provision for credit losses.

strong earnings growth primarily reflects 8% growth of total revenue and a lower provision for credit losses


The one immutable truth in all this, this is just a cycle, and usually, there's a catalyst to make the cycle occur, in this case, it was oil and gas.

the one immutable truth in all of this is just a cycle and usually there's a catalyst to make the cycle occur in this case it was oil and gas


This comes despite several days of downtime at one of our Oregon lumber mills due to severe snow and wind.

this comes despite several days of downtime at one of our oregon lumber mills due to severe snow and wind


And I think we've done the right things in terms of how we had planned reductions at the beginning of the year,

and i think we've done the right things in terms of how we had planned reductions at the beginning of the year


And that may help you understand what we're trying to achieve. So just to give you an example of within the finance department,

that may help you understand what we're trying to achieve so just to give you an example of within the finance department


engagement scores. So it's obviously higher than the numbers

engagement scores so it's obviously higher than the numbers


We bought, from First Data, we've been dealing with those guys for several months and we were lucky enough to buy their

we bought from first data we've been dealing with those guys for several months and we were lucky enough to buy their


It was very important for us to have a good second quarter. I think you'll recall from the first quarter,

it was very important for us to have a good second quarter i think you'll recall from the first quarter


can you split that between just what you're seeing on the Consumer side versus the Wholesale corporate side in terms of

can you split that between just what you're seeing on the consumer side versus the wholesale corporate side in terms of


work in making sure that the products that we sell now on the shelves are truly safe


based on the number of devices that people have in their homes that are connected.


we've rolled out well and the customers are adopting the product and they're enjoying their interaction with the product in Canada.

we rolled out well and the customers are adopting the product and they're enjoying their interactions with the product in canada


and you can see much bigger peaks on those -- like those large promotional periods like Thanksgiving week or like Christmas week

and you can see much bigger peaks on those like those large promotional periods like thanksgiving week or like christmas week


opportunities on the market. And we're just being very realistic about our power generation business.

opportunities on the market and we're just being very realistic about our power generation business


changes in overall business mix in the segment and the impact of the stronger U.S. dollar contributed to margin decline.

changes in overall business mix in the segment and the impact of the stronger u s dollar contributed to the margin decline


It's just that for reasons outside of our control and unfortunately outside of our ability to forecast,

it's just that for reasons outside of our control and unfortunately outside of our ability to forecast


I'm going to keep my remarks focused on the most important takeaways from what we feel was a strong first quarter.

i'm going to keep my remarks focused on the most important takeaways from what we feel was a strong first quarter


the whole map looking more stable and more balanced than what we historically have seen.


was sold just a few days after the call, but it was included in the 10-Q, so that did happen in the fourth quarter.

was sold just a few days after the call but it was included in the 10-q so that's -- but it did happen in the fourth quarter


because we've been slightly loosening our underwriting very, very gradually over the last couple of years.

because we've been slightly loosening our underwriting very very gradually over the last couple of years


You will be hearing more about this in the coming quarters as we begin implementing some of those initiatives here in the fourth quarter.

you'll be hearing more about this in the coming quarters as we begin implementing some of those initiatives here in the fourth quarter


everything we see and expect for the rest of the year should be in line with previous years.


associated with that kind of blade longer and more costly?


and the other one is back office, where the tellers take the checks and then they scan them all in a batch at the back of the

and the other one is back office where the tellers take the checks and then they scan them all on a badge at the back of the


Now let's go into the different markets. I start with Europe.

now let's go into the different markets i start with europe


The decline was driven largely by marks in our securities book and overall underperformance of mortgages.

the decline was driven largely by marks in our securities book and overall underperformance of mortgages


and seasonality and timing of care results and customer settlements across our businesses.


LED prices decline even though it appears to me the decline rate compared to a year ago is somewhat less.

led prices decline even though it appears to me the decline rate compared to a year ago is somewhat less


We continue to grow with our international partners and see significant opportunity for growth in these markets.

we continue to grow with our international partners and see significant opportunity for growth in these markets


But we got a couple of guys to agree to that. That helps reduce inventory. It's much more efficient for us.

but we got a couple of guys to agree to that that helps reduce the inventory it's much more efficient for us


What we have is a gas price crisis. This was the natural economic outcome of insufficient supply

what we have is a gas price crisis this was the natural economic outcome of insufficient supply


We are also investing in renewable and power generation to contribute to Australia's cleaner energy future.

we are also investing in renewable and power generation to contribute to australia's cleaner energy future


It's not a case that we are strategically impaired because we're missing something.

it's not a case that we are strategically impaired because we're missing something


we had a decline in Europe largely attributable to weaker orders in the Middle East.

we had a decline in europe largely attributable to weaker orders in the middle east


We've had some frustrating and, frankly, embarrassing trends over the past couple of years in our insurance and claim line.

we've had some frustrating and frankly embarrassing trends over the past couple of years in our insurance and claim line


I'm not going to give you our business proposition. But, again, we see it as a very attractive

i'm not going to give you our business proposition but again we see it as a very attractive


By leveraging a formidable Power Brand like Milka in a sizable category white space,

by leveraging a formidable power brand like milka in a sizable category white space


and expect continued strong performance in the second half despite the macro backdrop, especially in the emerging markets.

and expect continued strong performance in the second half despite the macro backdrop especially in the emerging markets


making sure that we have adequate coverage of our cost is critically important. As the market leader, we typically are

making sure that we have adequate coverage of our cost is critically important as the market leader we typically are


sources of fiber? Does it take more investment in the mill system

sources of fiber does it take more investment in the mill system


service and cup and plate. And so like any other opportunity that would present itself, we look at it

food service and cup and plate and so like any other opportunity that would present itself we'd look at it


The good news from a capacity standpoint is that we believe that the current operation

the good news from a capacity standpoint is that we believe that the current operation


We introduced some new terms at that day, so if you weren't there, I will give you a primer on our new vernacular.

we introduced some new terms at that day so if you weren't there i will give you a primer on our new vernacular


make the estimates necessary to recognize product revenues will be in the second half of next year.


In summary, EnLink is in the right places, operating with the right partners and executing with excellence.

in summary enlink is in the right places operating with the right partners and executing with excellence


and we will give you then more color on the expected effects for the outer years in the next years.


On the slide, you can see an example of a typical gas network installation

on the slide you can see an example of a typical gas network installation


In a nutshell, we do what we say regarding the implementation of our strategy.

in a nutshell we do what we say regarding the implementation of our strategy


We are over halfway through our 100 days of marketing campaign and are pleased with the results.

we are over halfway through our 100 days of campaign -- marketing campaign and are pleased with the results


But can you give us maybe a summary picture here across the disposal areas for where we are today,

but can you give us maybe a summary picture here across the disposable areas for where we are today


you need to make sure that you're using it effectively. And I think that we are going down that path properly.

you need to make sure that you're using it effectively and i think that we are going down that path properly


This is meaningful and is being driven by fleet modernization and other fuel savings initiatives.

this is meaningful and is being driven by fleet modernization and other fuel savings initiatives


creating large mixed-use projects. We're not taking centers down completely. We're not changing drastically

creating large mixed-use projects we're not taking centers down completely we're not changing drastically


slightly lower than the list price of other Brazilian players? Thank you. And I would like to start

slightly lower than the list price of other brazilian players thank you henri i would like to start


and ongoing information. And so if we operate outside of BICE, then we don't expect it to be impacted by those.

and ongoing information and so if we operate outside of bice then we don't expect to be impacted by those


As we disclosed earlier this month, our third quarter results were notably below our expectations entering the quarter.

as we disclosed earlier this month our third quarter results were notably below our expectations entering the quarter


We continue to be very encouraged by the attractive investment opportunities that are available to us.

we continue to be very encouraged by the attractive investment opportunities that are available to us


specifically related to the accelerated amortization of capitalized debt issuance costs.


and all. And I think we'll have a much more stabilized contract capital position as we get to kind of

and all and i think we'll have a much more stabilized contract capital position as we get to kind of


This program serves as the fact basis for a continued programmatic expansion of our field services organization.

this program serves as the fact basis for a continued programmatic expansion of our field services organization


our board and our entire senior executive team to strive for increasing the gender diversity in our workplace.


to negotiate and deliver the best deal for our shareholders. And

to negotiate and deliver the best deal for our shareholders and


But as I said in the quarter, what we've seen is -- we know the driver market is tight,

but as i said in the quarter what we've seen is -- we know the driver market is tight


We were able to hold our prices on hot mix asphalt for the year while volumes were relatively flat.

we are able to hold our prices on hot mix asphalt for the year while volumes were relatively flat


Beyond recovery audit, we are combining this data with advanced analytics algorithms and SaaS solutions

beyond recovery audit we are combining this data with advanced analytics algorithms and saas solutions


and is lower this year due to the successful recovery of several previously recorded bad debts.


Thank you, Dave, and good morning. Please bear with me for a few moments while I repeat our important preamble

thank you dave and good morning please bear with me for a few moments while i repeat our important preamble


and Disney and Live Chat by our designers should result in increased online sales.

and disney and live chat by our designers should result in increased online sales


a little bit lower than the midpoint. But as we look at what transpired during the quarter, there are 2 things that stand out

a little bit lower than the midpoint but as we look at what transpired during the quarter there are 2 things that stand out


Combining revenues from mobile advertising and subscriptions revenues

combining revenues from mobile advertising and subscriptions revenues


Forward-looking statements relate to future events or our future financial performance. We generally identify

forward-looking statements relate to future events or our future financial performance we generally identify


options for paid search advertising have been introduced once again. So for paid search advertising,

options for paid search advertising have been introduced once again so for paid search advertising


and grow it organically, which I think we've done a very good job of over the last decade.

and grow it organically which i think we've done a very good job of over the last decade


which can be found in the earnings release and supplemental tables. With that, let me hand it over to Rob.

which can be found in the earnings release and supplemental tables with that let me hand it over to rob


The first quarter was not as good as the second quarter in terms of

the first quarter was not as good as the second quarter in terms of


We believe this is one of the reasons residential sales were up only 3.5% in the second quarter.

we believe this is one of the reasons residential sales were up only 3 5% in the second quarter


and together, we are working on developing and executing sophisticated strategies within retail and specialty

and together we are working on developing and executing sophisticated strategies within retail and specialty


locations where we have an opportunity to even add stores to our existing network. And

locations where we have an opportunity to even add stores to our existing network and


it looks favorable, and I think we actually talked about that in our opening remarks.

it looks favorable and i think we actually talked about that in our opening remarks


These cautionary statements and reconciliations apply to all references made to these metrics on this call today.

these cautionary statements and reconciliations apply to all references made to these metrics on this call today


We see that actually as bottoming out and therefore we are not dramatically concerned about

we see that actually as bottoming out and therefore we are not dramatically concerned about


with significant and surprising demand strength in Argentina, Brazil and Costa Rica.

with significant and surprising demand strength in argentina brazil and costa rica


the advent of these emerging trends that are coming out in quotes and now


you would actually like to spend a little bit more or where you have some more projects in mind that you could invest in?

you would actually like to spend a little bit more where you have some more projects in mind that you could invest in


Potential rates are strong. You've lapped a lot of headwinds, yet you're firing at the lower end of the framework. So

retention rates are strong you've lapped a lot of headwinds yet you're firing at the lower end of the framework so


And why is that? As we bring these in, integrate the acquisitions or the pieces together,

and why is that as we bring these in integrate the acquisitions or the pieces together


strengthens our presence in the Baton Rouge and Lafayette, Louisiana markets as well as strengthening our food offer in the area,

strengthens our presence in the baton rouge and lafayette louisiana markets as well as strengthening our food offer in the area


The booms and lights are also doing extremely well with our communications business. And sports medicine, which is obviously a smaller business,

the booms and lights are also doing extremely well within our communications business and sports medicine which is obviously a smaller business


And I'm very optimistic that this will become a very interesting business field.

and i'm very optimistic that this will become a very interesting business field


it is becoming clearer that as much as half of all Chinese imports could face a 25% tariff.

it is becoming clearer that as much as half of all chinese imports could face a 25% tariff


to help us understand changing consumer behavior around consumption patterns and pricing.


On the slides on Slide 2, you'll see that certain comments we make on the call will be forward-looking.

on the slides on slide 2 you'll see that certain comments we make on the call will be forward-looking


in discussions with the FDA and we'll very soon be able to finalize

in discussions with the fda and will very soon be able to finalize


We probably wouldn't be looking to specifically

we probably wouldn't be looking to specifically


what are the expenses of the connections? And are you expensing it or capitalizing it?

what are the expenses of the connections and are you expensing it or capitalizing it


driven primarily by volatility within several significant customers. While third quarter revenue is disappointing,

driven primarily by volatility within several significant customers while third quarter revenue is disappointing


competition because of the fact that market is so strongly declining. And what we do see

competition because of the fact that market is so strongly declining and what we do see


While we are deeply saddened by Robert's passing and he will be sorely missed, we are very fortunate to have Phil,

while we are deeply saddened by robert's passing and he will be sorely missed we are very fortunate to have phil


Shannon. The fourth quarter is always a little bit of an outlier simply because we don't know what customers will do

shannon the fourth quarter is always a little bit of an outlier simply because we don't know what customers will do


This was a result of the sales mix in the quarter and the normal cyclicality of fewer production days in the fourth quarter.

this was a result of the sales mix in the quarter and the normal cyclicality of fewer production days in the fourth quarter


give you any expectations about expenses dilution. But

give you any expectations about expense evolution but


just wondering if you can share any lessons learned and what goes into your decision to discontinue the show going forward.


I think more of what you're seeing here is that of the tail end of the thing that we talked about in the last call,

i think more what you're seeing here is sort of the tail end of the thing that we talked about on the last call


and in close collaboration with Dr. Wilson's team to advance these programs as quickly as possible.

and in close collaboration with dr wilson's team to advance these programs as quickly as possible


and drive the overall net profitability of the category by improving the efficiency of our Books' operating model

and drive the overall net profitability of the category by improving the efficiency of our brooks operating model


And that's been important for us to test that and it's important for the airport to realize that. When we say

and that's been important for us to test that and it's important for the airport to realize that when we say


Our Fiber Glass operation could be the poster child for the crosscurrents we have been talking about over the past several quarters.

our fiberglass operation could be the poster child for the cross currents we've been talking about over the past several quarters


with bananas reaching their lowest selling price in 10 years in Europe during the second quarter.

with bananas reaching their lowest selling price in 10 years in europe during the second quarter


in the services revenue line item would likely flow through to the bottom line on a dollar-for-dollar basis.


We generated value by reaching key milestones that demonstrated sparsentan could represent a significant advancement

we generated value by reaching key milestones that demonstrated sparsentan could represent a significant advancement


and have -- and many of which are also facing driver shortages and we see that in the

and have -- many of which are also facing driver shortages and we see that in the


But as the back half of the year goes, we're planning on that kind of moderating to mid- to high single digits.

but as the back half of the year goes we're planning on that kind of moderating to mid- to high single digits


I need to inform you that some of the material that we will be discussing today constitutes forward-looking information

i need to inform you that some of the materials that we will be discussing today constitutes forward-looking information


For providers, this means a higher revenue yield at a lower cost and improved days in AR.

for providers this means a higher revenue yield at a lower cost and improved days in ar


and excitement in our business. As always, we are committed to building a long-term value for our fellow owners.

and excitement in our business as always we are committed to building a long-term value for our fellow owners


Last year -- we saw little bit of fall off in volume in late December even though it was a relatively strong market. So

last year we saw a little bit of fall off in volume in late december even though it was a relatively strong market so


But we believe, and we know that there are multiple other deals to be done that fit the strategy in our investment criteria, so

but we believe and we know that there are multiple other deals to be done that fit the strategy and our investment criteria


time and energy that we devote to the program. We have articulated a strategy where

time and energy that we devote to the program we have articulated a strategy where


I think I would share with you with some general views,

i think i would share with you with some general views


are continuing to improve and interest rates remain where they are. So our expectation

are continuing to improve and interest rates remain where they are so our expectation


Despite these positive contributions, first half results fell short of plan

despite these positive contributions first half results fell short of plan


media purchasing, marketing costs. These are areas

media purchasing marketing costs these are areas


This formula may of course be revised as usage patterns change going forward.

this formula may of course be revised as usage patterns change going forward


thanks mainly to the high level of activity in the Czech Republic for both water and waste businesses.

thanks mainly to the high level of activity in the czech republic for both water and waste businesses


The leveraging of these positions will require the reinforcement of our commercial teams in the field,

the leveraging of these positions will require the reinforcement of our commercial teams in the field


That would be the first date to come online. I believe South Carolina would be the second now that we are licensed there.

that would be the first state to come online i believe south carolina would be the second now that we are licensed there


The growth has been across each basin in which we operate, and we continue to expect growth throughout the remainder of this year

the growth has been across each basin in which we operate and we continue to expect growth throughout the remainder of this year


thoughts there? And then the new funds that would be using outside capital,

thoughts there and then the new funds that would be using outside capital


And we do see that type of behavior, they're definitely viewing this therapeutic as part of

and we do see that type of behavior they're definitely viewing this therapeutic as part of


So I think the only thing that we can say is our

so i think the only thing that we can say is our


Now I will turn the call over to Rich for a more detailed review of our financial performance and business outlook.

now i will turn the call over to rich for a more detailed review of our financial performance and business outlook


resulting from the IRS settlement and is reflective of permanent cash tax savings as well.

resulting from the irs settlement and is reflective of permanent cash tax savings as well


So we're just delivering it without getting paid for it, now we intend to get paid for it. The second piece of the puzzle

so we're just delivering it without getting paid for it now we intend to get paid for it the second piece of the puzzle


As anticipated, our wholesale sales during the quarter were impacted primarily by the elimination of our summer delivery.

as anticipated our wholesale sales during the quarter were impacted primarily by the elimination of our summer delivery


We will also be further upgrading our customer database, our call center technology and remodeling the Pines Lodge at Beaver Creek.

we will also be further upgrading our customer database our call center technology and remodeling the pines lodge at beaver creek


Additionally, our favorable credit quality continued with low charge-offs and problem loans

additionally our favorable credit quality continued with low charge-offs and problem loans


We were satisfied with our average cost of funds of 96 basis points for the second quarter.

we were satisfied with our average cost of funds of 96 basis points for the second quarter


Yes. I mean, just to give you some financial context around that. I mean, less than 5% of our total cost of sales envelope

yes i mean just to give you some financial context around that i mean less than 5% of our total cost of sales on


In our evaluation of the earnings potential for PMT and determining

in our evaluation of the earnings potential for pmt and determining


Unlike last quarter, when we were able to provide a full update due to the timing of the Public Accounts Committee hearing

unlike last quarter when we were able to provide a full update due to the timing of the public accounts committee hearing


I think it is important to note, if you take the acquisitions that we've done and the small divestitures that we've done,

i think it's important to note if you take the acquisitions that we've done and the small divestitures that we've done


Second, we are scaling up liquid on lips, the most tangible way of recruiting consumers

second we are scaling up liquid on lips the most tangible way of recruiting consumers


It's also pleasing to note that the strong global demand for SA vine fruit continues,

it's also pleasing to note that the strong global demand for sa vinefruit continues


during the quarter and more with sub-suppliers. Moving on to Finland finally,

during the quarter and more with sub-suppliers moving on to finland finally


We are among the highest-ranked providers with these clients, and we remain focused on delivering carefully crafted solutions

we are among the highest ranked providers with these clients and we remain focused on delivering carefully crafted solutions


We won business with more than 2 dozen clients, including several important new logos.

we won business with more than 2 dozen clients including several important new logos


plans. Great. And then can you just give some color with regards to the change in the incentive comp

plans great and then can you just give some color with regards to the change in the incentive comp


These statements involve risks and uncertainties that could cause actual results to differ materially from expectations.

these statements involve risks and uncertainties that could cause actual results to differ materially from expectations


We have a few core messages that we want to make sure come across relating to the second quarter.

we have a few core messages that we want to make sure come across relating to the second quarter


In addition to our strong Q2 financial results, and establishing a reinsurance agreement,

in addition to our strong q2 financial results and establishing a reinsurance agreement


So last year at this time, we obviously benefited from some good trends in that regard.

so last year at this time we obviously benefited from some good trends in that regard


This is especially true in the diagnostics field, where little to no vertical integration has occurred.

this is especially true in the diagnostics field where little to no vertical integration has occurred


In addition, we have changed our practice for the search, construction and installation of sites

in addition we have changed our practice for the search construction and installation of sites


our views for this year are that the production in the areas remain stable.


These were partially offset by a decrease in other revenues, which is principally lower mineral rights royalty revenue.

these were partially offset by a decrease in other revenues which is principally lower mineral rights royalty revenue


we have a great product development team. We've added to that recently to build that team up even stronger.

we have a great product development team we've added to that recently to build that team up even stronger


I mentioned our desire to continue pushing ahead with our accelerated integration and other operational efforts.

i mentioned our desire to continue pushing ahead with our accelerated integration and other operational efforts


which saves a lot of energy and time for multi-firing applications for controlled devices


We're excited about the progress we're making and even more excited about where our network will be in a very short time.

we're excited about the progress we're making and even more excited about where our network will be in a very short time


More to the broader topic of integration. We've done quite a bit of work

more to the broader topic of integration we've done quite a bit of work


one of the things that's given us conviction on this modular offering as we think about competing


for our products. So on the margin, those things will play out over a longer period of time, in response to your question.

for our products so on the margin those things will play out over a longer period of time in response to your question


of the offering and the number of places where we can help people migrate to the cloud


I don't think you're going to see the rail and transportation issues have near the effect this year that they did last year.

i don't think you're going to see the rail and transportation issues have near the effect this year that they did last year


We harvest hogs to provide a supply of raw materials for our value-added products.

we harvest hogs to provide a supply of raw materials for our value-added products


If that's even close to being true, then you can understand why we would be investing heavily in ambulatory care

if that's even close to being true then you could understand why we would be investing heavily in ambulatory care


We also note an increased interest in examining the market data and technological cost among industry participants.

we also note an increased interest in examining the market data and technological costs among industry participants


where they're looking, most importantly, for post trade transparency, where did you send my order and why did you send it there,

where they're looking most importantly for post-trade transparency where did you send my order and why did you send it there


We have quickly become the leader in collectibles, and we continue to expand our offerings at a fast pace.

we have quickly become the leader in collectibles and we continue to expand our offerings at a fast pace


Well, you should think about it in terms of the iPhone and other products that can drive the traffic

well you should think about it in terms of the iphone and other products that can drive the traffic


Pricing is comparable with the year ago period, and we're seeing our order book go out to the middle of next year.

pricing is comparable with the year-ago period and we're seeing our order book go out to the middle of next year


As we have often stated, we calibrate our capital allocation strategy on a risk-adjusted returns basis

as we have often stated we calibrate our capital allocation strategy on a risk-adjusted returns basis


The new accounting guidance adopted in the first quarter requires these net excess tax benefits to be recognized in earnings.


but from a margin perspective, this put us just slightly ahead of diesel and power cost increases.

but from a margin perspective this put us just slightly ahead of diesel and power cost increases


Yes. So you're right, we've seen a number of weeks over 2 million barrels a day of exports.

yes so you're right we've seen a number of weeks over 2 million barrels a day of exports


and will get greater benefits from our investments in net revenue management and marketing catalyst capabilities.

and we'll get greater benefits from our investments in net revenue management and marketing catalyst capabilities


These savings have been partially invested to fund our scotch and reserve brand focus.

these savings have been partially invested to fund our scotch and reserve brand focus


and are included as an exhibit to our current report on Form 8-K furnished with the SEC earlier today.

and are included as an exhibit to our current report on form 8-k furnished with the sec earlier today


Can you quantify how much the currency benefit may have been for the year or for the quarter

can you quantify how much the currency benefit may have been for the year or for the quarter


Here are the key numbers for the first quarter. There are several one-time costs that I will explain.

here are the key numbers for the first quarter there are several onetime costs that i will explain


Improving cash flows for the balance of the year are expected to come from seasonally stronger patterns at BT

improving cash flows for the balance of the year are expected to come from seasonally stronger patterns at bt


will have very good performance, and we hope to achieve new breakthroughs.

will have very good performance and we hope to achieve new breakthroughs


However, we are delivering on the Ziggo synergy plan, which we expect to have a favorable impact on OCF performance

however we are delivering on the ziggo synergy plan which we expect to have a favorable impact on ocf performance


Despite the current pause seen in the marketplace we remain heavily involved with our customers.

despite the current pause seen in the marketplace we remain heavily involved with our customers


While it is unfortunate we are in this situation, we believe our legal case is strong.

while it is unfortunate we are in this situation we believe our legal case is strong


This was offset by the positive impact of sales mix and some underlying pricing increases.

this was offset by the positive impact of sales mix and some underlying price increases


This is a good example of type -- of the type of product lines acquisitions we intend to make within the tool space.

this is a good example of type -- of the type of product lines acquisitions we intend to make within the tools space


we expect to refresh the appearance of approximately 70 stores in our southern markets in the first quarter


Mega Airless represented approximately 9% of the sales growth in the Beauty market.

mega airless represented approximately 9% of the sales growth in the beauty market


The graphic on the left illustrates exactly how Noble and Champion further our broader effort of getting closer to our customer.

the graphic on the left illustrates exactly how noble and champion further our broader effort of getting closer to our customer


We did have such a period, but compared to then, now different shape

we did have such a period but compared to then now different shape


and Six Sigma initiatives, and they're doing a great job. So its throughout the business and that's why we have the confidence with the momentum that we saw

and six sigma initiatives and they're doing a great job so it's throughout the business and that's why we have the confidence with the momentum that we saw


heavy blanket over everyone's thoughts. And so they simply haven't made

heavy blanket over everyone's thoughts and so they simply haven't made


Central America is doing very, very well. You know that Central American countries are growing above the average of Latin America.

central america is doing very very well you know the central american countries are growing above the average of latin america


On the other hand, there are some risk factors there as well, such as

on the other hand there are some risk factors there as well such as


move these clients up in terms of their annual spend, the one thing we don't control is the timing but

move these clients up in terms of their annual spend the one thing we don't control is the timing but


We just want to make sure we've got a lot of them growing at the same time so that we don't become too heavily exposed or concentrated.

we just want to make sure we've got a lot of them growing at the same time so that we don't become too heavily exposed or concentrated


portion of business transformation. But the kind of transformation that we're involved in, our platform is one piece,

portion of business transformation but the kind of transformation that we're involved in our platform is one piece


But it is going to change the dynamic from an expense ratio standpoint in the sense that it is more expensive business to acquire.

but it is going to change the dynamic from an expense ratio standpoint in the sense that it is more expensive business to acquire


You had a new product approved in that business. You had 10% growth, which is the best growth I've seen in

you had a new product approved in that business you had 10% growth which is the best growth i've seen in


And also I noticed a little spike in servicing expenses. So if you could just kind of let me highlight that, that would be great.

and also i noticed a little spike in servicing expenses so if you could just kind of let me highlight that that would be great